Bright Scholar Announces Unaudited Financial Results for the First Quarter of Fiscal Year 2025
Bright Scholar Education (NYSE: BEDU) reported its Q1 FY2025 financial results, with revenue from continuing operations at GBP44.7 million, down from GBP53.3 million year-over-year. The company's Overseas Study Counselling segment showed growth of 5.8% to GBP9.6 million, while SG&A expenses decreased significantly by 33.0% YoY.
Net income from continuing operations was GBP4.0 million, compared to GBP5.0 million in the same quarter last year. The company announced a share repurchase plan of up to US$1.2 million in ADSs over the next 12 months. The Schools segment remained the largest revenue contributor at 57.4% of total revenue, despite a 9.0% YoY decline.
The company has changed its presentation currency from RMB to GBP to better align with its business activities and has updated its segment reporting structure to reflect its strategic priorities.
Bright Scholar Education (NYSE: BEDU) ha riportato i risultati finanziari del primo trimestre F2025, con ricavi da operazioni continuative pari a 44,7 milioni di GBP, in calo rispetto ai 53,3 milioni di GBP dell'anno precedente. Il segmento di consulenza per lo studio all'estero ha mostrato una crescita del 5,8% a 9,6 milioni di GBP, mentre le spese SG&A sono diminuite significativamente del 33,0% su base annua.
Il reddito netto da operazioni continuative è stato di 4,0 milioni di GBP, rispetto ai 5,0 milioni di GBP dello stesso trimestre dell'anno scorso. L'azienda ha annunciato un programma di riacquisto di azioni fino a 1,2 milioni di dollari USA in ADS nei prossimi 12 mesi. Il segmento scuole è rimasto il principale contribuente ai ricavi, rappresentando il 57,4% del fatturato totale, nonostante un calo del 9,0% su base annua.
L'azienda ha cambiato la propria valuta di presentazione da RMB a GBP per allinearsi meglio con le proprie attività commerciali e ha aggiornato la sua struttura di reporting dei segmenti per riflettere le sue priorità strategiche.
Bright Scholar Education (NYSE: BEDU) informó sus resultados financieros del primer trimestre del FY2025, con ingresos de operaciones continuas de 44,7 millones de GBP, en comparación con los 53,3 millones de GBP del año anterior. El segmento de asesoramiento para estudios en el extranjero mostró un crecimiento del 5,8% hasta 9,6 millones de GBP, mientras que los gastos SG&A disminuyeron significativamente un 33,0% interanual.
El ingreso neto de operaciones continuas fue de 4,0 millones de GBP, en comparación con los 5,0 millones de GBP en el mismo trimestre del año pasado. La empresa anunció un plan de recompra de acciones de hasta 1,2 millones de dólares estadounidenses en ADS durante los próximos 12 meses. El segmento de escuelas siguió siendo el mayor contribuyente a los ingresos, representando el 57,4% del total, a pesar de una disminución del 9,0% interanual.
La empresa ha cambiado su moneda de presentación de RMB a GBP para alinearse mejor con sus actividades comerciales y ha actualizado su estructura de informes por segmentos para reflejar sus prioridades estratégicas.
Bright Scholar Education (NYSE: BEDU)는 FY2025 1분기 재무 결과를 발표했으며, 계속 운영에서 발생한 수익은 4470만 파운드로, 전년 동기 대비 5330만 파운드에서 감소했습니다. 해외 유학 상담 부문은 5.8% 성장하여 960만 파운드에 이르렀으며, SG&A 비용은 전년 대비 33.0% 크게 감소했습니다.
계속 운영에서의 순이익은 400만 파운드로, 작년 같은 분기의 500만 파운드와 비교됩니다. 회사는 향후 12개월 동안 최대 120만 달러의 ADS에 대한 자사주 매입 계획을 발표했습니다. 학교 부문은 총 수익의 57.4%를 차지하며 여전히 최대 수익 기여자였으나, 전년 대비 9.0% 감소했습니다.
회사는 비즈니스 활동에 더 잘 맞추기 위해 보고 통화를 RMB에서 GBP로 변경했으며, 전략적 우선 사항을 반영하기 위해 세분화 보고 구조를 업데이트했습니다.
Bright Scholar Education (NYSE: BEDU) a annoncé ses résultats financiers pour le premier trimestre de l'exercice 2025, avec des revenus provenant des opérations continues s'élevant à 44,7 millions de GBP, en baisse par rapport à 53,3 millions de GBP l'année précédente. Le segment de conseil en études à l'étranger a montré une croissance de 5,8 % pour atteindre 9,6 millions de GBP, tandis que les frais SG&A ont diminué de manière significative de 33,0 % d'une année à l'autre.
Le revenu net provenant des opérations continues était de 4,0 millions de GBP, contre 5,0 millions de GBP au même trimestre de l'année dernière. L'entreprise a annoncé un programme de rachat d'actions d'un montant maximal de 1,2 million de dollars américains en ADS au cours des 12 prochains mois. Le segment des écoles est resté le principal contributeur aux recettes, représentant 57,4 % des revenus totaux, malgré une baisse de 9,0 % d'une année sur l'autre.
L'entreprise a changé sa monnaie de présentation de RMB à GBP pour mieux s'aligner avec ses activités commerciales et a mis à jour sa structure de reporting par segments pour refléter ses priorités stratégiques.
Bright Scholar Education (NYSE: BEDU) hat die finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres 2025 gemeldet, mit Einnahmen aus fortgeführten Betrieben von 44,7 Millionen GBP, ein Rückgang gegenüber 53,3 Millionen GBP im Vorjahr. Das Segment der Studienberatung im Ausland verzeichnete ein Wachstum von 5,8% auf 9,6 Millionen GBP, während die SG&A-Ausgaben im Jahresvergleich um signifikante 33,0% gesenkt wurden.
Der Nettoertrag aus fortgeführten Betrieben betrug 4,0 Millionen GBP, verglichen mit 5,0 Millionen GBP im gleichen Quartal des Vorjahres. Das Unternehmen kündigte einen Aktienrückkaufplan von bis zu 1,2 Millionen US-Dollar in ADS über die nächsten 12 Monate an. Das Schulsystem blieb der größte Einnahmebeitrag mit 57,4% des Gesamtumsatzes, trotz eines Rückgangs von 9,0% im Jahresvergleich.
Das Unternehmen hat seine Berichts-Währung von RMB auf GBP geändert, um besser mit seinen Geschäftsaktivitäten in Einklang zu stehen, und hat seine Berichtsstruktur für Segmente aktualisiert, um seine strategischen Prioritäten widerzuspiegeln.
- 33.0% decrease in SG&A expenses due to improved operational efficiency
- 5.8% growth in Overseas Study Counselling revenue to GBP9.6 million
- Authorization of US$1.2 million share repurchase program
- 16.1% decline in total revenue from GBP53.3M to GBP44.7M
- 9.0% decrease in Schools segment revenue
- 40.9% decline in Others segment revenue
- Gross margin decreased from 33.5% to 29.2%
- Net income declined from GBP6.6M to GBP4.0M
Insights
The Q1 FY2025 results reveal a complex transformation story at Bright Scholar, marked by strategic repositioning and operational optimization. While the 16.1% YoY revenue decline to
Key performance indicators paint an intriguing picture:
- The 33% reduction in SG&A expenses demonstrates successful cost optimization, particularly in the Schools segment, indicating improved operational leverage
- Overseas Study Counselling's
5.8% growth amid overall revenue decline highlights the success of the "dual-engine" strategy - Gross margin compression to
29.2% from33.5% suggests ongoing competitive pressures, though this may be temporary during the transformation phase
The newly announced
The transition to GBP reporting currency reflects the growing significance of international operations and provides better alignment with the company's evolving business mix. This change, combined with the segment reorganization, suggests a deeper strategic pivot toward higher-margin international education services.
SG&A expenses from continuing operations decreased 33.0% YoY
Management to hold a conference call today at 7:00 a.m. Eastern Time
Effective the first quarter of fiscal year 2025, the Company changed its presentation currency from Renminbi ("RMB") to Great Britain Pound ("GBP") to better align with the Company's business activities and reflect the Company's performance. In this announcement, the unaudited financial results for the quarter ended November 30, 2024, are stated in GBP. Prior period numbers have been recast into the new reporting currency.
FIRST QUARTER OF FISCAL YEAR 2025 FINANCIAL HIGHLIGHTS
- Revenue from continuing operations was
GBP44.7 million , compared toGBP53.3 million for the same quarter last fiscal year. - Overseas Study Counselling revenue from continuing operations increased by
5.8% toGBP9.6 million . - Net income from continuing operations was
GBP4.0 million , compared toGBP5.0 million for the same quarter last fiscal year. Adjusted net income[1] wasGBP4.4 million , compared toGBP5.1 million for the same quarter last fiscal year.
Revenue from continuing operations by Segment[2]
(GBP in millions except for
| For the first quarter November 30, | YoY % Change | % of total | |
2024 | 2023 | |||
Schools[3] | 25.7 | 28.2 | -9.0 % | 57.4 % |
Overseas Study Counselling[4] | 9.6 | 9.1 | 5.8 % | 21.4 % |
Others[5] | 9.4 | 16.0 | -40.9 % | 21.2 % |
Total | 44.7 | 53.3 | -16.1 % | 100.0 % |
[1]. Adjusted net income/(loss) is a non-GAAP financial measure, which is defined as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax. | ||||
[2]. Effective the first quarter of fiscal year 2025, the Company has updated its segment reporting to better reflect its strategic priorities. As a result, the Company now reports segments as Schools, Overseas Study Counselling, and Others. The segment revenue from continuing operations for the first quarter ended November 30, 2023, has been revised to be consistent with the presentation in the first quarter ended November 30, 2024. See "Change in Segment Reporting" in this release. | ||||
[3]. Schools business refers to the previous Overseas Schools segment. | ||||
[4]. Overseas Study Counselling business is part of the previous Complementary Education Services segment. | ||||
[5]. Others include the previous Domestic Kindergartens & K-12 Operation Services and Complementary Education Services segments (excluding Overseas Study Counselling). | ||||
For more information on these adjusted financial measures, please see the section captioned "Non-GAAP Financial Measures" and the tables captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release. |
MANAGEMENT COMMENTARY
Mr. Robert Niu, Chief Executive Officer of Bright Scholar, commented, "We are pleased to deliver solid first quarter results for fiscal year 2025 amid an evolving external environment, demonstrating the effectiveness of our reorganized business structure and focus on our "dual-engine" growth strategy. During the quarter, we continued to propel the expansion of our Schools business while also improving operational efficiency and quality, freeing our resources to promote educational excellence. In addition, we consistently advanced our global recruitment initiatives aimed at attracting prospective international students, successfully expanding our product and service offerings to more international markets. Looking ahead, we will persist in streamlining our global operations and enhancing efficiency while simultaneously seizing the market's extensive growth opportunities to strengthen our market share and our position as a leading global education service provider."
Ms. Cindy Zhang, Chief Financial Officer of Bright Scholar, added, "Fiscal year 2025 is off to an encouraging start, highlighted by a significant reduction in SG&A expenses and year-over-year growth in our Overseas Study Counselling business in the first quarter. Our total revenue from continuing operations was
UNAUDITED FINANCIAL RESULTS FOR THE FIRST FISCAL QUARTER ENDED NOVEMBER 30, 2024
Revenue from Continuing Operations
Revenue was
Schools: Revenue contribution was
Overseas Study Counselling: Revenue contribution was
Others: Revenue contribution was
Cost of Revenue from Continuing Operations
Cost of revenue was
Gross Profit, Gross Margin and Adjusted Gross Profit from Continuing Operations
Gross profit was
Adjusted gross profit[6] from continuing operations was
Selling, General and Administrative (SG&A) Expenses from Continuing Operations
Total SG&A expenses were
Operating Income, Operating Margin and Adjusted Operating Income from Continuing Operations
Operating income was
Adjusted operating income[7] was
Net Income and Adjusted Net Income
Net income was
Adjusted net income was
Adjusted EBITDA[8]
Adjusted EBITDA was
Net income per Ordinary Share/ADS and Adjusted Net Earnings per Ordinary Share/ADS
Basic and diluted net income per ordinary share attributable to ordinary shareholders from continuing operations were
Adjusted basic and diluted net income per ordinary share[9] attributable to ordinary shareholders were
Basic and diluted net income per ADS attributable to ADS holders from continuing operations were
Adjusted basic and diluted net income per ADS[10] attributable to ADS holders were
[6]. Adjusted gross profit from continuing operations is a non-GAAP financial measure, which is defined as gross profit from continuing operations, excluding amortization of intangible assets. |
[7]. Adjusted operating income/(loss) from continuing operations is a non-GAAP financial measure, which is defined as operating income/(loss) from continuing operations excluding share-based compensation expenses and amortization of intangible assets. |
[8]. Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income/(loss) excluding interest income/(expense), net, income tax expense/(benefit), depreciation and amortization, share-based compensation expenses, and income/(loss) from discontinued operations, net of tax. |
[9]. Adjusted basic and diluted earnings/(loss) per share is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ordinary shareholders divided by the weighted average number of basic and diluted ordinary shares. |
[10]. Adjusted basic and diluted earnings/(loss) per American Depositary Share ("ADS") is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ADS shareholders divided by the weighted average number of basic and diluted ADSs. |
Cash and Working Capital
As of November 30, 2024, the Company had cash and cash equivalents and restricted cash of
Change in Segment Reporting
Starting in the first quarter of fiscal year 2025, the Company updated its segment reporting to reflect its strategic focus. The Company now reports the Overseas Schools business as the Schools business, the overseas study counselling portion of Complementary Education Services as the Overseas Study Counselling business, and Domestic Kindergartens & K-12 Operation Services and Complementary Education Services (excluding overseas study counselling) as Others. Prior period segment information has been retrospectively revised to conform to the current presentation.
Authorization of Share Repurchase Plan
On January 22, 2025, BEDU's board of directors authorized a share repurchase plan under which the Company may repurchase up to
The Company may periodically repurchase its ADSs for cash in various means, including without limitation, open market purchases, block transactions and privately negotiated transactions, in compliance with applicable federal securities laws. In addition, the share repurchase program may be modified, suspended or terminated by the Board any time without prior notice. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including without limitation, price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors. Repurchases under the share repurchase program will be funded from the Company's existing cash and cash equivalents or future cash provided by operating activities.
CONFERENCE CALL
The Company's management will host an earnings conference call at 7:00 a.m.
Dial-in details for the earnings conference call are as follows:
Mainland
Hong Kong: 800-905945
United States: 1-888-346-8982
International: 1-412-902-4272
Participants should dial in at least 5 minutes before the scheduled start time and ask to be connected to the call for "Bright Scholar Education Holdings Limited."
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.brightscholar.com/.
A replay of the conference call will be accessible after the conclusion of the live call until January 31, 2025, by dialing the following telephone numbers:
United States Toll Free: 1-877-344-7529
International: 1-412-317-0088
Replay Passcode: 6100559
CONVENIENCE TRANSLATION
The Company's reporting currency is GBP. However, periodic reports made to shareholders will include current period amounts translated into
NON-GAAP FINANCIAL MEASURES
In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses allows greater comparability of operating results that are consistent over time for the Company's newly-acquired and long-held business, as the related intangibles do not have a significant connection to the growth of the business. Therefore, we provide exclusion of amortization of intangible assets to define adjusted gross profit from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net income/(loss), and adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted. In addition, the strategic move to dispose of the non-core businesses is viewed as discontinued operations, which is a non-recurring item. The exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we provide exclusion of income/(loss) from discontinued operations, net of tax, to define adjusted net income/(loss), adjusted EBITDA, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted.
We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expenses, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expenses; amortization of intangible assets, tax effect of amortization of intangible assets, and without considering the impact of non-recurring item, i.e. income/(loss) from discontinued operations. We also believe that the use of these non-GAAP measures facilitates investors' assessment of our operating performance.
The non-GAAP financial measures are not defined under
About Bright Scholar Education Holdings Limited
Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.
For more information, please visit: https://ir.brightscholar.com/.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677/ +1-212-481-2050
Media Contact:
Email: media@brightscholar.com
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in thousands) | ||||||
As of | ||||||
August 31, | November 30, | |||||
2024 | 2024 | |||||
GBP | GBP | USD | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 52,991 | 47,147 | 59,872 | |||
Restricted cash | 1,307 | 331 | 420 | |||
Accounts receivable, net | 2,018 | 2,054 | 2,608 | |||
Amounts due from related parties, net | 1,548 | 2,064 | 2,621 | |||
Other receivables, deposits and other | 13,303 | 12,317 | 15,641 | |||
Inventories | 125 | 821 | 1,043 | |||
Total current assets | 71,292 | 64,734 | 82,205 | |||
Restricted cash - non-current | 27 | 27 | 34 | |||
Property and equipment, net | 37,522 | 36,245 | 46,028 | |||
Intangible assets, net | 5,327 | 5,230 | 6,642 | |||
Goodwill, net | 56,634 | 56,975 | 72,353 | |||
Long-term investments, net | 2,623 | 2,655 | 3,372 | |||
Deferred tax assets, net | 206 | 112 | 142 | |||
Other non-current assets, net | 1,013 | 985 | 1,251 | |||
Operating lease right-of-use assets – | 152,451 | 151,437 | 192,310 | |||
Total non-current assets | 255,803 | 253,666 | 322,132 | |||
TOTAL ASSETS | 327,095 | 318,400 | 404,337 | |||
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED | ||||||
(Amounts in thousands) | ||||||
As of | ||||||
August 31, | November 30, | |||||
2024 | 2024 | |||||
GBP | GBP | USD | ||||
LIABILITIES AND EQUITY | ||||||
Current liabilities | ||||||
Accounts payable | 9,864 | 11,384 | 14,457 | |||
Contract liabilities - current | 47,872 | 39,011 | 49,540 | |||
Accrued expenses and other current | 20,538 | 21,026 | 26,701 | |||
Amounts due to related parties | 8,417 | 4,478 | 5,687 | |||
Income tax payable | 8,483 | 8,298 | 10,538 | |||
Refund liabilities - current | 1,060 | 1,083 | 1,375 | |||
Operating lease liabilities - current | 11,420 | 11,614 | 14,749 | |||
Total current liabilities | 107,654 | 96,894 | 123,047 | |||
Deferred tax liabilities, net | 3,348 | 3,166 | 4,021 | |||
Operating lease liabilities – non- | 150,901 | 149,867 | 190,316 | |||
Non-current contract liabilities | 93 | 103 | 131 | |||
Total non-current liabilities | 154,342 | 153,136 | 194,468 | |||
TOTAL LIABILITIES | 261,996 | 250,030 | 317,515 | |||
EQUITY | ||||||
Share capital | 1 | 1 | 1 | |||
Additional paid-in capital | 220,901 | 221,246 | 280,960 | |||
Statutory reserves | 2,073 | 2,409 | 3,059 | |||
Accumulated other comprehensive | (3,777) | (4,042) | (5,133) | |||
Accumulated deficit | (165,693) | (162,292) | (206,095) | |||
Shareholders' equity | 53,505 | 57,322 | 72,792 | |||
Non-controlling interests | 11,594 | 11,048 | 14,030 | |||
TOTAL EQUITY | 65,099 | 68,370 | 86,822 | |||
TOTAL LIABILITIES AND EQUITY | 327,095 | 318,400 | 404,337 | |||
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | |||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
(Amounts in thousands, except for shares and per share data, income per share, income per ADS) | |||||
Three Months Ended November 30, | |||||
2023 | 2024 | ||||
GBP | GBP | USD | |||
Continuing operations | |||||
Revenue | 53,306 | 44,732 | 56,805 | ||
Cost of revenue | (35,443) | (31,689) | (40,242) | ||
Gross profit | 17,863 | 13,043 | 16,563 | ||
Selling, general and administrative expenses | (12,559) | (8,410) | (10,680) | ||
Other operating income | 983 | 138 | 175 | ||
Operating income | 6,287 | 4,771 | 6,058 | ||
Interest income, net | 94 | 59 | 75 | ||
Investment income | 115 | 2 | 4 | ||
Other expenses | (65) | (6) | (8) | ||
Income before income taxes and share of equity in profit of unconsolidated affiliates | 6,431 | 4,826 | 6,129 | ||
Income tax expense | (1,449) | (814) | (1,034) | ||
Share of equity in profit of unconsolidated affiliates | 20 | - | - | ||
Net income from continuing operations | 5,002 | 4,012 | 5,095 | ||
Income from discontinued operations, net of tax | 1,599 | - | - | ||
Net income | 6,601 | 4,012 | 5,095 | ||
Net income attributable to non-controlling interests | |||||
Continuing operations | 312 | 275 | 349 | ||
Discontinued operations | 191 | - | - | ||
Net income attributable to ordinary shareholders | |||||
Continuing operations | 4,690 | 3,737 | 4,746 | ||
Discontinued operations | 1,408 | - | - | ||
Net income per share attributable to | |||||
ordinary shareholders | |||||
—Basic and diluted | |||||
Continuing operations | 0.04 | 0.03 | 0.04 | ||
Discontinued operations | 0.01 | - | - | ||
Weighted average shares used in | |||||
calculating net income per ordinary share: | |||||
—Basic | |||||
Continuing operations and discontinued operations | 118,669,795 | 118,669,795 | 118,669,795 | ||
—Diluted | |||||
Continuing operations and discontinued operations | 118,669,795 | 119,283,889 | 119,283,889 | ||
Net income per ADS | |||||
—Basic and diluted | |||||
Continuing operations | 0.16 | 0.13 | 0.16 | ||
Discontinued operations | 0.05 | - | - | ||
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | |||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Amounts in thousands) | |||||
Three Months Ended November 30, | |||||
2023 | 2024 | ||||
GBP | GBP | USD | |||
Net cash used in operating activities | (2,327) | (5,657) | (7,207) | ||
Net cash (used in)/ generated from investing activities | (1,965) | 3,561 | 4,522 | ||
Net cash used in financing activities | (210) | (4,442) | (5,641) | ||
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | 627 | (263) | (333) | ||
Net change in cash and cash equivalents, | (3,875) | (6,819) | (8,658) | ||
and restricted cash | |||||
Cash and cash equivalents, and restricted cash | 61,697 | 54,325 | 68,987 | ||
at beginning of the period | |||||
Cash and cash equivalents, and restricted cash | 57,822 | 47,506 | 60,329 | ||
at end of the period | |||||
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | |||||
Reconciliations of GAAP and Non-GAAP Results | |||||
(Amounts in thousands, except for shares and per share data, income per share, income per ADS) | |||||
Three Months Ended November 30, | |||||
2023 | 2024 | ||||
GBP | GBP | USD | |||
Gross profit from continuing operations | 17,863 | 13,043 | 16,563 | ||
Add: Amortization of intangible assets | 116 | 113 | 143 | ||
Adjusted gross profit from continuing operations | 17,979 | 13,156 | 16,706 | ||
Operating income from continuing operations | 6,287 | 4,771 | 6,058 | ||
Add: Share-based compensation expenses | - | 345 | 438 | ||
Add: Amortization of intangible assets | 116 | 113 | 143 | ||
Adjusted operating income from continuing operations | 6,403 | 5,229 | 6,639 | ||
Net income | 6,601 | 4,012 | 5,095 | ||
Add: Share-based compensation expenses | - | 345 | 438 | ||
Add: Amortization of intangible assets | 116 | 113 | 143 | ||
Add: Tax effect of amortization of intangible assets | (23) | (23) | (29) | ||
Less: Income from discontinued operations, net of tax | 1,599 | - | - | ||
Adjusted net income | 5,095 | 4,447 | 5,647 | ||
Net income attributable to ordinary shareholders | 6,098 | 3,737 | 4,746 | ||
Add: Share-based compensation expenses | - | 345 | 438 | ||
Add: Amortization of intangible assets | 88 | 86 | 109 | ||
Add: Tax effect of amortization of intangible assets | (18) | (18) | (23) | ||
Less: Income from discontinued operations, net of tax | 1,408 | - | - | ||
Adjusted net income attributable to ordinary shareholders | 4,760 | 4,150 | 5,270 | ||
Net income | 6,601 | 4,012 | 5,095 | ||
Add: Interest income, net | (94) | (59) | (75) | ||
Add: Income tax expense | 1,449 | 814 | 1,034 | ||
Add: Depreciation and amortization | 1,279 | 1,266 | 1,608 | ||
Add: Share-based compensation expenses | - | 345 | 438 | ||
Less: Income from discontinued operations, net of tax | 1,599 | - | - | ||
Adjusted EBITDA | 7,636 | 6,378 | 8,100 | ||
Weighted average shares used | |||||
in calculating adjusted net income per ordinary share: | |||||
—Basic | 118,669,795 | 118,669,795 | 118,669,795 | ||
—Diluted | 118,669,795 | 119,283,889 | 119,283,889 | ||
Adjusted net income per share attributable | |||||
to ordinary shareholders | |||||
—Basic | 0.04 | 0.04 | 0.04 | ||
—Diluted | 0.04 | 0.03 | 0.04 | ||
Adjusted net income per ADS | |||||
—Basic and diluted | 0.16 | 0.14 | 0.18 | ||
View original content:https://www.prnewswire.com/news-releases/bright-scholar-announces-unaudited-financial-results-for-the-first-quarter-of-fiscal-year-2025-302359512.html
SOURCE Bright Scholar Education Holdings Ltd.
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